Sogongyeon "Emergency Management Stabilization Fund and 2nd Disaster Relief Payment Must Be Provided"

Due to the resurgence of the novel coronavirus infection (COVID-19), the area around Cheonggyecheon Tool Market in Jung-gu, Seoul, a dense area of small business owners in the Seoul metropolitan area including Seoul and Gyeonggi, showed a bleak scene on the 21st amid continued recession. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Moon Hyewon] The Korea Federation of Micro Enterprise (hereinafter referred to as KFME) urged measures such as the implementation of emergency management stabilization funds for small business owners and the payment of the second round of nationwide disaster relief funds, stating that small business owners are being hit hard by the resurgence of the novel coronavirus infection (COVID-19).

On the 25th, KFME stated in a commentary, "The resurgence of the COVID-19 crisis is truly a case of adding insult to injury for small business owners. To minimize the crisis faced by small business owners and the adverse effects on our economy, the government and the National Assembly must mobilize all means and take preemptive measures."

It continued, "The 12 high-risk industries for COVID-19 spread, such as PC rooms and karaoke practice rooms, are being forced to worry about their livelihoods as their income has completely disappeared due to the nationwide expansion of social distancing level 2 measures by the quarantine authorities, resulting in suspension of operations. Other industries are also experiencing a sharp decline in customers and sales due to increased psychological fear among the public caused by the COVID-19 resurgence, leading to self-restraint from going out and cancellation of gatherings, resulting in severe recession."

Furthermore, "all possible extraordinary measures must be mobilized to put out the urgent fire, including the nationwide disaster relief funds that have shown meaningful effects for small business owners so far, the management stabilization funds of up to 1.4 million won for self-employed people implemented in Seoul, Busan, etc., and rapid loans for low-credit small business owners conducted by the Small Enterprise and Market Service."

It also stated, "Government support is urgently needed for the quarantine activities that small business owners are conducting at their own expense. The government and local governments should actively step forward to provide quarantine supplies such as disinfectants and sprayers to each industry association and local small business organizations to ensure smooth quarantine measures."

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